FBP vs INDO: Correlation
Measured on weekly returns over the past three years, First BanCorp. New (FBP) and Indonesia Energy Corporation Limited (INDO) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FBP and INDO?
On 3 years of weekly data the FBP/INDO correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.27 lands near the 3-year figure. The 5-year figure is -0.16, and annualized covariance runs at -624.8 %².
Out of 11 assets tracked against FBP, INDO lands near the bottom at #9. The last year tells two different stories: FBP led by 27.8 percentage points, +26.4% for FBP against -1.4% for INDO. Note the risk asymmetry: INDO runs 4.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FBP vs INDO: side by side
| FBP (First BanCorp. New) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +26.4% | -1.4% |
| 5-year return | +155.4% | -43.5% |
| Volatility (ann.) | 25.8% | 108.1% |
| Beta vs S&P 500 | 0.84 | -0.65 |
| Max drawdown (3Y) | -22.9% | -65.1% |
| Market cap | $4.2B | – |
| P/E (trailing) | 11.8 | – |
| Dividend yield | 2.72% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FBP | INDO |
|---|---|---|
| 2022 | -4.7% | +66.4% |
| 2023 | +34.8% | -41.8% |
| 2024 | +16.9% | +2.6% |
| 2025 | +14.4% | +5.4% |
| 2026 | +36.0% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FBP and INDO good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FBP and INDO?
The FBP/INDO correlation stands at -0.22 on a 3-year window (1 year: -0.27, 5 years: -0.16), computed from weekly returns as of 2026-08-27.
Is INDO a good diversifier for FBP?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fbp-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fbp-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FBP correlations · INDO correlations
